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GLOSSARY
Focus groups involve forming small discussion groups to gain insight into the attitudes and behaviour of respondents. The group is typically made up of participants who share a similar customer profile.
Government publications are a type of secondary market research, referring to official documents and publications released by government entities and agencies.
Interviews are a type of primary research that involve discussions between an interviewer and interviewees to investigate their personal circumstances, preferences, and opinions.
A market analysis is a form of secondary market research that reveals the characteristics, trends, and outlook for a particular product or industry, such as market size, market share, and market growth rate.
Market research refers to marketing activities designed to discover the opinions, beliefs, and preferences of potential and existing customers.
Media articles are a type of secondary market research referring to the documents (articles) in print or online media. They are written by skilled journalists and authors.
Observations are a method of primary research that involves watching how people behave or respond in different situations.
Online secondary market research refers to sources available on the Internet for research purposes. These include media articles, government publications, academic journals, and market analyses available on the Internet.
The population, in marketing terms, refers to all potential customers of a particular market.
Primary market research involves gathering new data for a specific purpose, using methods such as surveys, interviews, focus groups, and observations.
Qualitative market research involves getting non-numerical responses from research participants in order to understand their behaviour, attitudes, and opinions.
Quantitative market research is about collecting and using factual and measurable information rather than people’s perceptions and opinions.
Quota sampling involves using a certain number of people (known as the quota) from different market segments for primary market research purposes.
Random sampling gives everyone in the population an equal chance of being selected for the sample.
A sample is a selected group or proportion of the population used for primary market research purposes.
Sampling is a primary research technique that selects a sample of the population from a particular market for research purposes.
Sampling errors are caused by mistakes made in the sample design, such as an unrepresentative sample being used or the sample size being too small.
Secondary market research involves the collection of second-hand data and information that already exists, previously gathered by others, such as media articles and government publications.
A survey is a document that contains a series of questions used to collect data for a specific purpose. Surveys are the most common method of primary research.
Activity 4.4A New Restaurant (1).pdfMarket research refers to marketing activities designed to discover the opinions, beliefs, and preferences of potential and existing customers.
Undertaking market research before launching Juan’s business is crucial for several reasons.
One: Preferences of Customers
Firstly, it would allow Juan to gain insights into the preferences and expectations of the local community and tourists regarding food and dining experiences. By understanding customer tastes and preferences, Juan can tailor his menu offerings and restaurant concept to better meet the needs of his target market.
Two: Gaps in the market
Moreover, market research can help Juan identify any gaps or opportunities in the market. By analysing the competitive landscape and assessing the offerings of existing restaurants and food establishments in the area, Juan can uncover areas where his restaurant can differentiate itself and fill unmet customer needs. For instance, Juan has noted the absence of Spanish-based restaurants and takeaways in the area, presenting an opportunity for him to introduce authentic Spanish cuisine to the market.
Three: Business Model Decision (Takeaway or restaurant)
Additionally, conducting market research can inform Juan's decision-making process regarding the business model and operational aspects of his restaurant. For example, by gathering insights into customer preferences for dining out versus takeaway meals and their packaging preferences, Juan can determine whether to offer both dine-in and takeaway options and the most suitable packaging materials to use.
Four: Target market
Furthermore, market research can provide valuable input into decisions related to branding, decor, and ambiance. Understanding the demographic composition of the local population and their preferences regarding restaurant atmosphere can help Juan create a dining environment that resonates with his target customers (target market). Whether to decorate the restaurant with loud pop music to attract a younger crowd or opt for a more traditional Spanish ambiance can be determined based on customer feedback and market insights.
2. Distinguish between Primary and secondary research (4 marks)
Primary market research involves the gathering of new data and information through direct interaction with the target audience. In Juan Sanchez's case, primary research could involve conducting surveys, interviews, focus groups, or observations to understand the preferences and expectations of locals and tourists regarding Spanish cuisine and dining experiences in the coastal resort. By directly engaging with potential customers, Juan can obtain firsthand insights that are specific to his business context and target market.
On the other hand, secondary market research involves the collection of data and information that already exist and have been gathered by other sources. In the case of Juan Sanchez, secondary research could entail analyzing market analyses, academic journals, government publications, and media articles related to the hospitality industry, food trends, and consumer preferences in coastal resort areas. By leveraging existing data and information, Juan can gain broader insights into market trends, competitive dynamics, and potential opportunities without the need for fieldwork.
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